Ethereum (ETH) Price: Is Ether Quietly Outrunning Bitcoin After the US Midterms?

TLDR

Ethereum rose above $2,400 on November 4, its first time over that level since October 23. ETH gained about 8% from its election-night low of $2,245. The ETH/BTC ratio rose 2.2% to 0.0302, and Ether led the large coins. Open interest rose with price, but four of the six most traded ETH options were puts. Chart watchers point to $2,355 as support and $2,506 to $2,548 as resistance.

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Ethereum (ETH) climbed above $2,400 on Wednesday, November 4, 2026. It was the first time the price topped that level since October 23.

Ethereum (ETH) Price

CoinGecko had Ether at about $2,421 in the afternoon, up 5.4% in 24 hours. Bitcoin gained 3.6% over the same period to just over $80,300. That put Ether ahead of the largest coin.

The move followed the US midterm elections on November 3. Democrats won control of the House and Senate, according to reports. President Donald Trump told The New York Times he is “absolutely willing” to work with Democrats.

Ether Recovers From the Election-Night Low

ETH slipped to about $2,245 around 3 a.m. UTC as results came in. CoinGecko logged a 24-hour low of $2,226. By 9 a.m. UTC, the price had risen to about $2,320.

The biggest jump came at the Wall Street open. Between 1 p.m. and 4 p.m. UTC, ETH climbed from just over $2,310 to above $2,420. That is a gain of almost 8% from the overnight low.

Longer-term numbers are mixed. CoinGecko shows a 3.9% gain over seven days but a drop of about 10.5% over 30 days. Trading volume was near $14.3 billion, with market capitalization just under $296 billion.

Stocks also recovered. Cointelegraph reported S&P 500 futures fell as low as 7,490, the lowest since July 31, then rose to 7,690. FXStreet later showed the S&P 500 up 1.88% and the Nasdaq up 2.17%.

Bitcoin dipped to about $75,600 on election night, per CoinDesk, and moved back above $80,000 at the Wall Street open. US crude oil (WTI) slipped below $93 a barrel. CoinShares research head James Butterfill told Cointelegraph that real yields, dollar liquidity and exchange-traded product inflows mattered more for Bitcoin than the vote.

The ETH/BTC ratio, which shows how many Bitcoin one Ether is worth, stood at 0.0302. That is 2.2% higher than a day earlier. Chainlink and Cardano each gained just under 4%, XRP and Solana just under 3%, and BNB about 2%.

$ETH After the initial run during the summer, ETH gave back some of its gains against $BTC in recent months.

It is now retesting the previous breakout level and has been stalling around here.

I would assume this bounces the moment the market finds a bottom and BTC goes back up.… pic.twitter.com/ICrxjtMUuD

— Daan Crypto Trades (@DaanCrypto) November 4, 2026

Analyst Daan Crypto Trades said ETH gave back some gains against BTC in recent months after its summer run. He noted it is retesting the earlier breakout level and stalling there. He expects a bounce once the market finds a bottom and BTC rises, which he called a green light for more altcoin exposure.

Open Interest and Options Positioning

Coinglass data showed $241.29 million in ETH liquidations over 24 hours. Short positions made up $133.75 million of that. Total crypto liquidations neared $1 billion, and the overall market cap rose 3%.

CoinDesk reported that ETH open interest rose 4.2% while price was up 2.7% at that point. When both rise together, new money is entering the market. Funding rates for Ether were positive, meaning buyers were paying to hold long positions.

Options told a more careful story. Of the six most traded Ether options, four were puts, which protect against falling prices. The Fear and Greed Index rose from 26 to 34 but stayed in fear territory.

On the chart, FXStreet said ETH broke above a descending trendline from October 2 and cleared $2,355 resistance. The 14-day RSI sits near 55, while the Stochastic Oscillator is near 85 in overbought territory. Support sits at the 20-day EMA of $2,359, followed by the 100-day EMA at $2,346.

Source: FXStreet

Analyst IncomeSharks said he has used the same chart since August. His path calls for a fakeout above, a fakeout below, and then a run into the $3,000s. He said it still looks like a real possibility.

$ETH – Have used the same chart since August, with one prediction squiggle: fakeout above, fakeout below, and then run it to the $3,000s. Still looks like a real possibility to play out. pic.twitter.com/ehqlW6cOxe

— IncomeSharks (@IncomeSharks) November 4, 2026

FXStreet lists $2,548 as the next resistance if ETH holds above the 50-day EMA at $2,411, with $2,636 and $2,781 further up. CryptoTicker’s calculation, based on CoinGecko closes, puts the 50-day average at $2,506. It says only a close above that level would formally break the downtrend in place since early October.

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